(Yicai Global) Feb. 7 -- Chinese rail signal system developer Unittec Co. is in negotiations with an unnamed major European rail infrastructure firm about business integration future cooperation on projects related to the Belt and Road Initiative.

The Hanghzou-based firm aims to become a top-five rail infrastructure firm globally through the cooperation, which could amount to billions of euros in investment, but clarified that no agreement had yet been reached, reported financial news outlet Caijing yesterday.

Specific details of joint project work remain undetermined, Unittec added in a statement today, confirming that a confidentiality agreement is in place.

Both parties are actively exploring channel sharing, joint investment and research and development efforts related to multiple global markets including China, regions along the One Belt One Road and America.